Aviva Investors, the global asset management business of Aviva, has completed a private placement which sees it provide £50 mln (€58 mln) in funding to Hightown Housing Association (Hightown), which owns and manages more than 8,700 homes and care and supported housing projects across Hertfordshire, Buckinghamshire, and Berkshire in the UK.

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The investment will help Hightown continue its delivery of energy-efficient, affordable housing across the region. The Association is currently aiming to provide more than 1,000 new homes over the next two years, including its flagship development of 158 homes and three commercial units in Hemel Hempstead which is due to complete in April 2024.
 
Aviva Investors made the investment on behalf of the Aviva UK Life annuity business.
 
It is the 16th investment made by Aviva Investors into the sector since June 2020, with the asset manager having provided almost £800 mln of financing to housing associations across the UK on behalf of its investors during that time, including Cross Keys Homes, Peaks & Plains, Wales & West, Coastal and Settle.
 
Munawer Shafi, head of Structured and Private Debt at Aviva Investors, said: 'With a well-invested stock of existing homes and Hightown’s focus on tackling homelessness, this was an excellent opportunity to commence a relationship and support a dynamic and fast-growing Association. Its leadership team has delivered over 4,100 affordable tenure homes in the last ten years, which fits with our preference for investment opportunities that can also contribute to positive impacts at a societal level.'
 
Marcus Mollan, investment director, Aviva UK Life, added: '“As a large and long-term investor in the UK, we are acutely aware of the power our investment activity can have in supporting communities across the UK to get ready for the future. By working closely with Aviva Investors we are able to provide funding for projects such as those being delivered by Hightown, which benefit society whilst also providing an investment which supports retirement income for our customers.'